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It is also important to point out that there are stringent fines and penalties in case you default on your payment. So before deciding on the lender company, you must make sure to do a through study and inquire about the terms and conditions in case you are not able to make your payment in time. As a general rule, if you notify the company well in advance you would not be able to repay on time, they will generally extend the repayment period although they will charge a late fee. The fee also varies from company to company and so when applying for a loan, you must also take factors such as this into considen and not base your decision solely on the interest rate.
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